Report Store Details

Executive Summary

The Global Coworking Spaces Market has experienced tremendous growth in recent years, but the market declined in 2020 due to the outbreak of the virus. The major factor driving the growth of the Co-Working market is the increasing number of Startups across the world.

Moreover, many leading firms are adopting the Coworking industry trend across the developing and developed economies, which is driving the market growth.

By the end of 2021, hybrid work has become more common, emerging trends such as large corporations implementing permanent remote work methods and enterprises attempting to decentralize their teams have created new demand.

Coworking companies stand to benefit as remote work becomes the "new normal" on a global scale, with specialists forecasting that flexible workspace will account for 30% of all office real estate by 2030.

Short-Term Impact of COVID-19 

Lockdowns imposed around the world as a result of the COVID-19 pandemic outbreak had a negative impact on the global coworking market.

As a precautionary measure, the majority of the major countries imposed a stringent and exponential countrywide lockdown, limiting monetary activities in the region, resulting in the sudden shutdown of production facilities and the creation of an unprecedented and complex health emergency around the world.

Furthermore, due to the imposition of lockdown, many businesses worked from home in March 2020, and coworking space operators saw a nearly 50% decrease in footfalls.

Increasing number of Start-ups Driving Demand

With the increasing number and size of start-ups globally, the demand for coworking spaces is expected to skyrocket in the years to come. The global coworking spaces market is largely driven by the growth of start-ups at present, especially in developing countries.

Governments of countries like India and China have launched several supportive programs and policies to promote small-scale businesses. This is further expected to accelerate the growth of the coworking spaces market in the next few years.

The Global Coworking industry is expected to grow at a CAGR of 19.9% between 2022 and 2027, reaching USD 24.04 billion in 2027

Strong Rebound Post Pandemic: The future of coworking is expected to be driven by increased demand for coworking spaces from large multinational corporations and a growing millennial population that is assertive in generating new ways of doing business and thus starting their own venture.

The coworking incubation model is also rapidly evolving, with companies from a variety of backgrounds benefiting. 

Further Key Findings

• Providing an Engaging and Energetic Environment: Coworking spaces offer a highly energetic work environment and corresponding “buzz”, as opposed to work-from-home, which can often be lonely and dull.
• These communities nurture a collegial environment, thus creating a stimulating and engaging setting for the work and the passion the members have for work, as well as the stimulation these individuals get from each other.
• Providing Current Workstyle Trend: Coworking spaces exemplify the sharing economy. Around 30% of knowledge workers are untethered from the corporate workplace, allowing them to work in multiple locations.
• Coworking spaces provide a workspace for remote workers. There are usually a variety of spaces with different arrangements within this space, such as open tables, soft seating, cafes, and enclosed quiet spaces.

Scope of the Study

The Report titled “Global Coworking Space Market Performance and Outlook to 2027–COVID-19 Impact Assessment” published by Makreo Research and Consulting gives a detailed analysis of the industry performance considering the past, present, and future trends with a detailed discussion of the macro-economic factors that play a major role.

The Global Coworking Space Market Report is a regional-level assessment of the market performance covering North America, Europe, and Asia Pacific markets.

Key Questions Answered

• What is the present state of the global economy after the virus outburst?
• How global coworking market has performed since its evolution, and what is the present state of the industry?
• How many coworking hubs are there worldwide, and at what rate it’s growing?
• What is the role of millennials in the global coworking industry, and how is youth influencing the industry performance?
• What impact did COVID-19 leave on the global coworking market in different parts of the world?
• Which is the dominant region in terms of revenue generated from Coworking industry?
• How global coworking market is segmented by geography?
• What are all industries contributing to coworking demand?
• Who all are the leading players, and how are they positioned in the global market?

Write us at ankit@makreo.com or call us at +91-9619699069 to know more about the publication.